Top 3 Bitcoin (BTC) Price Predictions and Forecasts for October 2018
3 Short Term BTC Price Predictions for Mid-October 2018
It’s easy to get confused by this week’s crypto markets. Bitcoin and other top cryptocurrencies have been largely stable – only to suddenly rise or fall at a moment’s notice. Today, we’re highlighting three short-term price predictions that should help you get through mid-October 2018.
3) There’s Reason to Anticipate More Trouble in the Near Future
Earlier this week, the price of bitcoin and other cryptocurrencies suddenly plummeted. Bitcoin dropped $500 in an hour. Other cryptocurrencies followed suit. Bitcoin ended up falling 5%, although other top cryptocurrencies fell as much as 10% or 12%.
The weird thing is that there wasn’t a specific reason for this fall. Sure, there’s continuing controversy over Bitfinex and Tether, but that didn’t seem to require a sudden double digit drop downward.
In any case, bitcoin markets continue to show relatively strong “sell” signals across the charts. More bad news could be coming in the near future. Many analysts claim there will be another sharp drop before the week is over.
As we go to press at mid-day Friday, cryptocurrencies prices are largely stable, with the price of bitcoin up 0.48% over the last 24 hours. Most other cryptocurrencies in the top 10 are up or down about 1% over the last 24 hours – which is about as stable as crypto markets can get.
Nevertheless, analysts like botje11 at Trading View claim we’re in for near-term losses. After months of sideways action, bitcoin’s price will go through at least one more sudden drop. Even pessimists like botje11 believe that bitcoin will bottom at $6,000, and that analyst doesn’t see bitcoin breaking that resistance point.
2) Analysts Recommend Buying Crypto When It’s “On Sale” Today
While we might face short-term losses in the near future, the far future looks brighter for bitcoin and other cryptocurrencies. Many analysts claim there’s never been a better time to buy. Some charts indicate that bitcoin is oversold, which means that its current value is less than it should be.
It makes sense: aside from the price negativity, bitcoin has had a really good year. Startups like Bakkt and ErisX are about to make it much easier for institutional investors to participate in the space. A crypto ETF may be approved within the next 6 months. Companies continue to build the crypto infrastructure that will fuel the next bull run.
For all of these reasons, certain analysts are positive that now is the best time to buy. Alanmasters at Trading View, for example, wrote on October 10 that it was “time to buy bitcoin” and claims his next target point for BTC/USD is $6800.
“This drop is a good opportunity to load up on additional bitcoin for long term traders and holders. Buy and hold long. You can thank me after December 2018.”
3) Watch for a Bitcoin Price Bounce to $30,000 in the Coming Months
One analyst believes a crucial support level could tell us whether or not bitcoin is going to $30,000. If bitcoin holds the $6,295 support level over the coming weeks, then EXCAVO believes we could hit a price of $30,000 in the coming months.
EXCAVO is also very bullish on bitcoin in the long term. He believes BTC could rise as high as $90,000 between now and 2021.
Ultimately, nobody knows where bitcoin is going to go next. The three analysts cited above, however, are largely optimistic about bitcoin in the long-term, although they see some short-term losses in the coming weeks.